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3. Dak Prescott Dallas Cowboys
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5. Derek Carr Oakland Raiders
6. Odell Beckham Jr. New York Giants
7. Carson Wentz Philadelphia Eagles
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11. Rob Gronkowski New England Patriots
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25. Cam Newton Carolina Panthers
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2. New England Patriots $3.7B
3. New York Giants $3.3B
4. Washington Redskins $3.1B
5. San Francisco 49ers $3.05B
6. Los Angeles Rams $3B
7. Chicago Bears $2.85B
8. Houston Texans $2.8B
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Let us not seek the Republican answer or the Democratic answer, but the right answer. Let us not seek to fix the blame for the past. Let us accept our own responsibility for the future.
Read more at http://www.brainyquote.com/quotes/quotes/j/johnfkenn121400.html#46Ul8rBF4XpB4lo0.99
Let us not seek the Republican answer or the Democratic answer, but the right answer. Let us not seek to fix the blame for the past. Let us accept our own responsibility for the future.
Read more at http://www.brainyquote.com/quotes/quotes/j/johnfkenn121400.html#JZxA5jXY4rCwemgZ.99
Let us not seek the Republican answer or the Democratic answer, but the right answer. Let us not seek to fix the blame for the past. Let us accept our own responsibility for the future.
Read more at http://www.brainyquote.com/quotes/quotes/j/johnfkenn121400.html#JZxA5jXY4rCwemgZ.99
Let us not seek the Republican answer or the Democratic answer, but the right answer. Let us not seek to fix the blame for the past. Let us accept our own responsibility for the future.
Read more at http://www.brainyquote.com/quotes/quotes/j/johnfkenn121400.html#46Ul8rBF4XpB4lo0.99
Monday
Jun192017

Fantasy Reality: FTC Seeks Injunction To Stop DraftKings-FanDuel Merger

By Barry Janoff

June 19, 2017: Claiming the new company would control more than 90% of the market in their category, the Federal Trade Commission has "authorized legal action to block the merger of the two largest daily fantasy sports sites, DraftKings and FanDuel."

The proposed merger between the two firms was unveiled in Nov. 2016.

Fantasy sports participation in North America has topped 57.5 million players according to the Fantasy Sports Trade Assn.

According to the FTC’s complaint, DraftKings and FanDuel "are each other’s most significant competitor."

"This merger would deprive customers of the substantial benefits of direct competition between DraftKings and FanDuel," Tad Lipsky, acting director for the FTC’s Bureau of Competition, said in a statement.

The FTC said that Boston-based DraftKings is the country’s largest daily fantasy sports provider in terms of entry fees and revenues and that New York-headquartered FanDuel is the second-largest daily fantasy sports provider in the U.S.

"The FTC is committed to the preservation of competitive markets, which offer consumers the best opportunity to obtain innovative products and services at the most favorable prices and terms consistent with the provision of competitive returns to efficient producers," said Lipsky,

In a joint statement, FanDuel and DraftKings said, "We are disappointed by this decision and continue to believe that a merger is in the best interests of our players, our companies, our employees and the fantasy sports industry. We are considering all our options at this time."

The FTC, jointly with the Offices of the Attorneys General in the State of California and the District of Columbia, said it would "file a complaint in federal district court seeking a preliminary injunction to stop the deal and to maintain the status quo pending an administrative trial.”

The FTC in its complaint also alleges that "entry or expansion by other providers is not likely to provide timely or sufficient competition to offset the anticompetitive effects of the merger."

The FTC also asserts that "purported efficiencies would not offset the likely competitive harm.”

The FTC explained that it files a complaint when it has "reason to believe" that the law has been or is being violated and it appears to the Commission that a proceeding is in the public interest.

According to the FTC, these filings "do not constitute a finding that any violation of law has occurred. The request for preliminary relief will be assessed in federal court, while the merits of the complaint will be assessed in an administrative trial subject to review by the FTC and ultimately by federal appellate courts.”

An administrative trial is scheduled to begin on November 21, 2017.

The two firms spent a combined $500 million on advertising in 2015 — including almost $120 million in September 2015 to coincide with the start of the NFL season — according to industry analysts.

Ad spend was dramatically curtailed — including a drop of some 90% alone in September 2016 to coincide with the start of the NFL season, according to industry analysts —  to focus on such potentially career-ending issues as government regulation, claims of misleading advertising and misappropriation of inside information, as well as legal battles regarding whether or not DFS was gambling.

DraftKings CEO Jason Robins was scheduled to become CEO of the new company and FanDuel CEO Nigel Eccles would become chairman. Other operational and organizational details would be "finalized and announced at closing," they said.

Until that point, FanDuel and DraftKings have remained "separate and operational through the 2017 NFL season while the deal is finalized (and) will continue to operate under their respective brand names for the foreseeable future."

According to the FTC’s complaint, at present, the two companies "battle head-to-head to offer the best prices and product quality, including the largest prize pools and greatest variety of contests. The proposed merger would create a single provider with by far the largest share of the market for paid daily fantasy sports contests in the United States."

At the time of the proposed merger, the two companies said in a joint statement:

"The merger of FanDuel and DraftKings, which offer daily, weekly and season-long sports fantasy contests, will bring together two fantasy sports innovators to better serve consumers.

"The operational efficiencies and cost savings that are expected to result from the merger will drive a greater focus on developing new products and features, including more variety in contest formats, loyalty programs, enhanced social functionality and ancillary sports-oriented content and experiences, all aimed at creating a more diverse, exciting and appealing experience for fantasy sports players and all sports fans.

"The merger will also help the combined company accelerate its path to profitability."

DraftKings, FanDuel Play Merger Game

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